Regular Saver Thread **New and Restarted**

glider3560

binaryuniverse wrote: »

My Flexdirect account's 5% is coming to an end, at the start of May. My Regular Saver will continue. But just wondering do I need to keep paying in £1000 to the Flexdirect account, to keep that account, or can I just leave a £1 in it and be done with it (with the odd pay in, and buy a few things, to keep it active)?

Or should I downgrade the account?

You don't need to pay anything into a FlexDirect to get the Flexclusive products. It's only FlexAccount holders who need to keep paying in.

binaryuniverse

Lurvely, ta.

Will just keep a quid in it then. It's never had any DDs and such.

glider3560

binaryuniverse wrote: »

Lurvely, ta.

Will just keep a quid in it then. It's never had any DDs and such.

Mine has only ever had £1 in there. Got it mainly to get a better mortgage rate (but ended up getting declined), but the savings products are a bonus.

binaryuniverse

Actually, thinking about it, it still has to have a regular payment of £250pm to service the RS. So that's enough to keep it active.

mary

I downgraded from the FlexDirect to the Flex Account a while ago and have been paying in £750 per month, leaving £250 for the RS and bouncing the remaining £500 out again. Somewhere I had got it in myhead that you had to pay in £750. So was I dreaming then?

binaryuniverse

As far as I am aware, you only need to pay in £750 to get the interest. Since I'm not fussed about the 1%, I will just pay in £250.

Also realising I am answering my own question earlier. I guess I just needed it confirmed by someone else. :rotfl:

polymaff

Checked this very issue on the 'phone last night, and the website has it right:

1. hold a FlexOne, FlexStudent, FlexDirect or FlexPlus account, OR
2. hold a FlexAccount and:
   • have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else)
     OR
   • completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months.
   
   
   Note the mention of £750
   
   

RG2015

mary wrote: »

I downgraded from the FlexDirect to the Flex Account a while ago and have been paying in £750 per month, leaving £250 for the RS and bouncing the remaining £500 out again. Somewhere I had got it in myhead that you had to pay in £750. So was I dreaming then?

Is there any benefit of downgrading from a FlexDirect to a Flex account? After the first 12 months I have just kept £1 in my FlexDirect account and transfer in £250 per month for the regular saver

polymaff

RG2015 wrote: »

Is there any benefit of downgrading from a FlexDirect to a Flex account? After the first 12 months I have just kept £1 in my FlexDirect account and transfer in £250 per month for the regular saver

Ditto.........

ValiantSon

RG2015 wrote: »

Is there any benefit of downgrading from a FlexDirect to a Flex account? After the first 12 months I have just kept £1 in my FlexDirect account and transfer in £250 per month for the regular saver

None that I can see. I'd say that keeping the FlexDirect makes more sense as it gives another account paying some interest, even if it is only 1%. As there is no cost involved it seems to make little sense to change to the Flex Account.